XCNY vs. IEMG
Compare and contrast key facts about SPDR S&P Emerging Markets ex-China ETF (XCNY) and iShares Core MSCI Emerging Markets ETF (IEMG).
XCNY and IEMG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XCNY is a passively managed fund by State Street that tracks the performance of the S&P Emerging ex-China BMI. It was launched on Sep 4, 2024. IEMG is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets Investable Market Index. It was launched on Oct 18, 2012. Both XCNY and IEMG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
XCNY vs. IEMG - Performance Comparison
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XCNY vs. IEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XCNY SPDR S&P Emerging Markets ex-China ETF | 2.91% | 20.42% | -3.51% |
IEMG iShares Core MSCI Emerging Markets ETF | 4.55% | 32.56% | -0.26% |
Returns By Period
In the year-to-date period, XCNY achieves a 2.91% return, which is significantly lower than IEMG's 4.55% return.
XCNY
- 1D
- 0.45%
- 1M
- -5.62%
- YTD
- 2.91%
- 6M
- 7.19%
- 1Y
- 27.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IEMG
- 1D
- 0.76%
- 1M
- -6.83%
- YTD
- 4.55%
- 6M
- 7.62%
- 1Y
- 33.51%
- 3Y*
- 16.36%
- 5Y*
- 4.53%
- 10Y*
- 8.31%
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XCNY vs. IEMG - Expense Ratio Comparison
XCNY has a 0.15% expense ratio, which is higher than IEMG's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
XCNY vs. IEMG — Risk / Return Rank
XCNY
IEMG
XCNY vs. IEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and iShares Core MSCI Emerging Markets ETF (IEMG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| XCNY | IEMG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.46 | 1.70 | -0.24 |
Sortino ratioReturn per unit of downside risk | 2.12 | 2.30 | -0.18 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.34 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.58 | -0.26 |
Martin ratioReturn relative to average drawdown | 8.97 | 9.84 | -0.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCNY | IEMG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.70 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.25 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.28 | +0.43 |
Correlation
The correlation between XCNY and IEMG is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
XCNY vs. IEMG - Dividend Comparison
XCNY's dividend yield for the trailing twelve months is around 2.61%, which matches IEMG's 2.63% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCNY SPDR S&P Emerging Markets ex-China ETF | 2.61% | 2.68% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.63% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Drawdowns
XCNY vs. IEMG - Drawdown Comparison
The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for XCNY and IEMG.
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Drawdown Indicators
| XCNY | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.70% | -38.71% | +19.01% |
Max Drawdown (1Y)Largest decline over 1 year | -11.86% | -13.21% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -8.34% | -9.40% | +1.06% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -13.11% | +8.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 3.46% | -0.39% |
Volatility
XCNY vs. IEMG - Volatility Comparison
The current volatility for SPDR S&P Emerging Markets ex-China ETF (XCNY) is 8.18%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 9.35%. This indicates that XCNY experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCNY | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.18% | 9.35% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 12.38% | 14.68% | -2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.81% | 19.79% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 17.91% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.12% | 19.84% | -2.72% |